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| R&D/Flex Building, 5454 Ruffin Road, San Diego, CA |
SAN DIEGO, CA –
BLT
Enterprises, a multi-faceted commercial real estate development and
investment company, has sold a 54,000 square-foot R&D/flex building in the
Kearny Mesa submarket of San Diego, California for $18 million, or
$330 per square foot.
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| Bernard Huberman |
The property is located at 5454 Ruffin Road in San Diego,
California.
Ron Jacobson at SD Realty Partners along with Brad
Black and Chris Pascale at CBRE represented BLT Enterprises as the
seller.
Tom Mercer at Colliers International represented San
Diego Unified School District as the buyer.
BLT acquired the property in 2017 and sold it a
year and a half later, according to Bernard Huberman, Founder and
President of BLT Enterprises.
“Due to the property’s strategic location in a thriving industrial
submarket, we knew that we could quickly enhance value by renovating, upgrading
and modernizing the asset,” says Huberman.
“This sale is demonstrative of the success of that strategic
approach, and our ability to reposition the property into a high-demand asset
worthy of premium pricing.
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| Ron Jacobson |
"Ultimately we were able to achieve a record
per-square-foot price for an industrial asset in this submarket.”
During ownership, BLT Enterprises converted the 77,000
square-foot, two-story office building back to its original 54,000 square-foot
size by removing the dated addition of a second-story office space constructed
in the late 1980s.
“The addition of this mezzanine made the property severely under parked,”
says Huberman. “By restoring the property to its original size, we were able to
create a highly-functional environment that appealed to a diverse range of
prospective buyers, and ultimately added to the long-term value of the
property.”
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| Brad Black |
In addition to removing the dated renovations, BLT Enterprises also
modernized and upgraded the property by integrating a unique outdoor amenity
space, new lobby, exposed high ceilings, skylights, dual pane energy efficient
glazing, and LED lighting, among other features.
“Through our fully-integrated hands-on approach, we understand how to
transform distressed assets into high-performing properties, which is exactly
what we did here,” says Huberman.
“As a result, we garnered strong interest for
the property and were able to command a premium price, maximizing our ROI.”
Headquartered in Santa Monica, Calif., BLT Enterprises was founded in 1984
and is a multi-faceted real estate development and investment company with an
exceptional track record of success in industrial and commercial real estate.
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| Chris Pascale |
The firm has developed or acquired more than $2 billion in assets to date.
BLT Enterprises specializes in the acquisition, entitlement, development,
operation, and property management of industrial, office, retail, mixed-use and
special-use properties.
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| Tom Mercer |
Contacts:
Lisa James/ Jenn Quader
Brower Group
(949) 955-7940
